International money remittance service MoneyGram has announced it experienced a record number of online transactions over the Christmas 2019 period.
The company claimed in a press release this week that the number of transactions made through MoneyGram grew by more than 70% on a year-on-year basis between December 1 and December 25.
The number of non-US transactions saw even bigger growth, rising over 120% from 2018.
The majority of these transactions – over 80% – came from mobile users. MoneyGram relaunched its mobile app in 2018, with the app receiving 1.6 million downloads since its update.
According to Kamila Chytil, COO of MoneyGram, the company’s future focus will be mainly mobile based. Chytil shared:
“Our app is enabling us to reach a new customer segment, and we’re continuing to invest in the digital business to bring our leading capabilities to more consumers across the globe.”
MoneyGram has been making huge strides into new markets through better technology and strategic partnerships with technology providers such as Ripple.
MoneyGram’s partnership with Ripple
Ripple recently announced a $50 million investment in MoneyGram, becoming a 10% shareholder in the business.
The crypto company completed its investment in November 2019 with plans to develop Ripple’s ‘on-demand liquidity’ (ODL) technology alongside MoneyGram.
News of Ripple’s investment in the company caused MoneyGram’s stock to surge by 168% in August.
Although not referencing MoneyGram’s work with Ripple directly, the press release states that the company’s recent focus has been on “adding digital enhancements” and “bringing digital capabilities to new countries” – which may include Ripple and XRP-based solutions in the near future.
Alex Holmes, MoneyGram’s chairman and CEO, said:
“As part of our digital transformation, we’re on a mission to mobilise the movement of money.”
Holmes added that the success of the mobile app over the holiday period could be attributed to the emphasis the company places on user experience.
According to the press release, the remittance service will be expanding its digital business through increased marketing and product enhancements throughout 2020.
In November 2019, Tokyo-based SBI Ripple Asia announced it would be working with MoneyGram to provide a blockchain-based money transfer service between Japan and Vietnam.
You can read more about how Ripple and MoneyGram are working together here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.